Plano, Texas — July
2, 2003 — Perot Systems Corporation (NYSE: PER)
today announced that it has reached an agreement to
acquire Vision Healthsource India Private Limited and
Vision Healthsource, Inc. -- collectively known as “Vision”
-- a leading provider of billing and claims solutions
for healthcare service providers in the United States.
Headquartered in Chennai, India, Vision was founded
in 1997 and pioneered outsourced offshore transaction
processing for the U.S. healthcare industry. Today the
company has primary delivery operations in India and
senior market facing personnel in the United States.
It is one of the largest U.S./India remote healthcare
claims processing companies.
With a client base of more than 25 U.S.-based healthcare
billing companies, Vision handles more than US$1 billion
in healthcare provider claims per year for physicians
and hospital-based and physician specialties across
the United States. The company’s ISO-9001 certified
claims processing centers and call centers in Chennai
process more than 25 million transactions and 670,000
phone calls per year.
Vision’s approximately 500 employees will become
a part of Perot Systems’ healthcare group, the
company’s largest industry group.
“This acquisition will result in an expansion
of Perot Systems’ Healthcare business process
outsourcing capabilities and further position us as
a market leader in this space,” said Chuck Lyles,
Perot Systems vice president and Healthcare group leader.
“We continue to demonstrate our commitment to
serve customers by building our capabilities through
both acquisition and technology investments.”
Vision founder and CEO Anurag Jain added, “Vision
was looking for someone with cultural compatibility
and similar values, who could help us extend our capabilities
and market reach. We have known Perot Systems for more
than one year and are confident that this is a strong
fit. Combining Vision with the Perot Systems family
will add value for our current customers and will expand
the payer side of our service line offerings. This is
a landmark deal for our company and for India. It validates
the global services delivery model.”
“Leveraging our complementary customer bases and
strong reputations in the healthcare industry will allow
us to offer existing and new customers the best value-proposition
possible,’’ added Mr. Lyles. “It is
crucial in today’s competitive landscape to have
on-shore, off-shore and near-shore capabilities. With
the addition of Vision to our team, we have a global
processing model that supports our provider and payer
transformation strategies.”
Perot Systems agreed to acquire Vision for an aggregate
value up to US$10 million – US$3 million in cash
at closing and an additional US$7 million if certain
performance targets are met through 2006. For the 12
months ending December 2002, Vision had revenues of
approximately US$2.4 million.
The closing of the acquisition is subject to final regulatory
approvals and other customary closing conditions.
About Vision Healthsource, Inc.
In 1997, recognizing the high monetary and human resource
cost to businesses performing transaction services,
Vision pioneered outsourced transaction processing for
the U.S.-based healthcare industry. Today, Vision is
a leading provider of billing, receivables and claims
business process outsourcing solutions for healthcare
service providers. Vision’s proven, low-cost,
state-of-the-art outsourced processing capabilities
in Chennai, India take full advantage of the highly
skilled workforce and economic leverage in the region
and relieve clients of the burden and cost of providing
these services allowing them to devote more time to
growing their businesses.
About Perot Systems
Perot Systems is a worldwide provider of information
technology services and business solutions. Through
its flexible and collaborative approach, Perot Systems
integrates expertise from across the company to deliver
custom solutions that enable clients to accelerate growth,
streamline operations and create new levels of customer
value. Headquartered in Plano, Texas, Perot Systems
has more than 400 clients and reported 2002 revenue
of $1.3 billion. The company has more than 10,000 associates
located in North America, Europe, and Asia. Additional
information on Perot Systems is available at http://www.perotsystems.com.
Perot Systems Healthcare is one of the largest providers
of full-service IT operations in the hospital industry,
managing significant relationships with four of the
top 20 U.S. health systems. More than 4,000 employees
from the Healthcare Industry Group serve both the for-profit
and not-for-profit healthcare marketplace, providing
integrated end-to-end technical and business solution
services. Perot Systems healthcare clients represent
more than 300 healthcare providers, thousands of caregivers,
200 health insurance organizations, as well as leading
biopharmaceutical and healthcare supply chain companies.
This press release contains forward-looking statements.
These statements relate to future events or our future
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These statements are only predictions. Actual events
or results may differ materially. In evaluating all
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consider various factors that may cause actual results
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of project and consulting-based revenue and profit associated
with deteriorating market conditions; the Company’s
ability to achieve future sales; changes in its UBS
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associated with its largest customer, as well as other
clients; a portion of client revenue and profits represent
spending above contractual minimums, which could be
deemed as discretionary by clients and result in lower
revenue and earnings for the Company with limited notice;
the current and future performance of client contracts;
risks associated with non-recoverable cost overruns
on software development contracts; growing start-up
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Company operates; risks associated with signed contracts
that must receive regulatory approval; the variability
of quarterly operating results; the reliance on estimates
that involve successful completion of future actions;
guaranteed purchase agreements; changes in technology;
changes to accounting methods; risks associated with
acquisitions and divestitures; and risks related to
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Annual Report on Form 10-K for the fiscal year ended
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Company disclaims any intention or obligation to revise
any forward-looking statements whether as a result of
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